ASX:FWD

Stock Analysis Report

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Executive Summary

Fleetwood Corporation Limited engages in the design, manufacture, and sale of manufactured modular accommodation in Australia and New Zealand.


Snowflake Analysis

Flawless balance sheet and undervalued.


Similar Companies

Share Price & News

How has Fleetwood's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FWD's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

2.4%

FWD

1.0%

AU Consumer Durables

-2.0%

AU Market


1 Year Return

-2.3%

FWD

15.8%

AU Consumer Durables

-12.0%

AU Market

Return vs Industry: FWD underperformed the Australian Consumer Durables industry which returned 15.8% over the past year.

Return vs Market: FWD exceeded the Australian Market which returned -12% over the past year.


Shareholder returns

FWDIndustryMarket
7 Day2.4%1.0%-2.0%
30 Day8.3%8.9%1.5%
90 Day23.6%34.5%12.0%
1 Year-2.3%-2.3%17.6%15.8%-8.4%-12.0%
3 Year-28.3%-34.4%65.3%53.8%15.3%0.003%
5 Year29.0%18.1%181.8%146.8%28.8%0.9%

Price Volatility Vs. Market

How volatile is Fleetwood's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Fleetwood undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: FWD (A$1.7) is trading below our estimate of fair value (A$4.39)

Significantly Below Fair Value: FWD is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: FWD's PE Ratio (14x) is in line with the AU Consumer Durables industry average.

PE vs Market: FWD is good value based on its PE Ratio (14x) compared to the Australian market (15.5x).


Price to Earnings Growth Ratio

PEG Ratio: FWD is good value based on its PEG Ratio (0.4x)


Price to Book Ratio

PB vs Industry: FWD is good value based on its PB Ratio (0.7x) compared to the AU Consumer Durables industry average (1.3x).


Next Steps

Future Growth

How is Fleetwood forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

35.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FWD's forecast earnings growth (35.4% per year) is above the savings rate (2.3%).

Earnings vs Market: FWD's earnings (35.4% per year) are forecast to grow faster than the Australian market (14.4% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: FWD's revenue (7.6% per year) is forecast to grow faster than the Australian market (4.3% per year).

High Growth Revenue: FWD's revenue (7.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FWD's Return on Equity is forecast to be low in 3 years time (6.6%).


Next Steps

Past Performance

How has Fleetwood performed over the past 5 years?

47.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FWD has high quality earnings.

Growing Profit Margin: FWD's current net profit margins (3.7%) are lower than last year (5.2%).


Past Earnings Growth Analysis

Earnings Trend: FWD's earnings have grown significantly by 47.1% per year over the past 5 years.

Accelerating Growth: FWD's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FWD had negative earnings growth (-24.2%) over the past year, making it difficult to compare to the Consumer Durables industry average (-24.2%).


Return on Equity

High ROE: FWD's Return on Equity (4.9%) is considered low.


Next Steps

Financial Health

How is Fleetwood's financial position?


Financial Position Analysis

Short Term Liabilities: FWD's short term assets (A$146.7M) exceed its short term liabilities (A$78.1M).

Long Term Liabilities: FWD's short term assets (A$146.7M) exceed its long term liabilities (A$20.3M).


Debt to Equity History and Analysis

Debt Level: FWD is debt free.

Reducing Debt: FWD has no debt compared to 5 years ago when its debt to equity ratio was 35.5%.

Debt Coverage: FWD has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: FWD has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


Next Steps

Dividend

What is Fleetwood current dividend yield, its reliability and sustainability?

3.79%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate FWD's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate FWD's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if FWD's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if FWD's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: FWD is not paying a notable dividend for the Australian market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of FWD's dividend in 3 years as they are not forecast to pay a notable one for the Australian market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.8yrs

Average management tenure


CEO

Brad Denison (48yo)

5.92yrs

Tenure

AU$820,885

Compensation

Mr. Bradley Raymond Denison, also known as Brad, Bachelor of Commerce has been the Managing Director, Chief Executive Oficr and Director of Fleetwood Corporation Limited since August 1, 2014 and served as  ...


CEO Compensation Analysis

Compensation vs Market: Brad's total compensation ($USD570.73K) is above average for companies of similar size in the Australian market ($USD262.46K).

Compensation vs Earnings: Brad's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Bradley Denison
MD, CEO & Director5.92yrsAU$820.89k0.20% A$322.0k
Andrew Wackett
CFO & Joint Company Secretary3.08yrsAU$445.18kno data
Elizabeth Maynard
General Counsel & Joint Company Secretary1.83yrsAU$245.90kno data
Jarrod Waring
Chief Executive Officer of Modular Accommodationno dataAU$467.32kno data
Manuel Larre
Chief Executive Officer of Parts & Accessoriesno dataAU$405.18kno data
Dominic Letts
Executive General Manager of Village Operations2.5yrsAU$388.66kno data
David Robertson
Chief Executive Officer of Fleetwood Parksno dataAU$173.17kno data

2.8yrs

Average Tenure

Experienced Management: FWD's management team is considered experienced (2.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Bradley Denison
MD, CEO & Director5.92yrsAU$820.89k0.20% A$322.0k
Jeffrey Dowling
Non-Executive Director3yrsAU$90.00k0.053% A$85.0k
Martin Monro
Independent Non-Executive Director0.083yrno datano data
Phillip Campbell
Independent Non-Executive Chairman3.92yrsAU$140.00k0.027% A$44.2k
Adrienne Parker
Non-Executive Director2.92yrsAU$90.00k0.0088% A$14.1k
Mark Southey
Non-Executive Director1.75yrsAU$60.00k0.016% A$25.5k

2.9yrs

Average Tenure

Experienced Board: FWD's board of directors are not considered experienced ( 2.9 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Fleetwood Corporation Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Fleetwood Corporation Limited
  • Ticker: FWD
  • Exchange: ASX
  • Founded: 1964
  • Industry: Homebuilding
  • Sector: Consumer Durables
  • Market Cap: AU$160.839m
  • Shares outstanding: 94.61m
  • Website: https://www.fleetwoodcorporation.com.au

Number of Employees


Location

  • Fleetwood Corporation Limited
  • 21 Regal Place
  • East Perth
  • Western Australia
  • 6004
  • Australia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FWDASX (Australian Securities Exchange)YesOrdinary SharesAUAUDJan 1992
FWDCHIA (Chi-X Australia)YesOrdinary SharesAUAUDJan 1992

Biography

Fleetwood Corporation Limited engages in the design, manufacture, and sale of manufactured modular accommodation in Australia and New Zealand. The company also engages in the operation of accommodation villages; and manufacture and distribution of recreational vehicle parts and accessories, as well as the provision of associated services. It offers modular accommodation solutions for resources, education, affordable housing, mining, and corrections sectors; and provides caravan plumbing and electrical services, as well as supplies related parts. Fleetwood Corporation Limited was founded in 1964 and is based in East Perth, Australia. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/13 03:53
End of Day Share Price2020/07/10 00:00
Earnings2019/12/31
Annual Earnings2019/06/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.